The cryptocurrency market experienced a massive crash today, with the total market capitalization falling over 9% to $1.04 trillion. The two largest cryptocurrencies, Bitcoin and Ethereum, were hit particularly hard, both losing over 10% in the last 24 hours.

Bitcoin is currently trading around the $26,000 level, after breaking below the key support at $28,000 earlier today. Meanwhile, Ethereum has plunged to around $1,600, slicing through the $1,700 support. The steep declines in these two bellwether cryptocurrencies tend to drag down the broader altcoin market.

As expected, major altcoins like XRP and Shiba Inu were caught in the storm, with both losing over 15% of their value today. XRPdropped below the crucial $0.50 support, while Shiba Inu broke below $0.000008. The mass exodus of capital from the crypto space has left many altcoins in freefall.

Nearly $800 million worth of cryptocurrency positions were forcefully closed out in under half an hour today, as prices plunged. Traders unable to meet margin calls saw their bets automatically exited, fueling further declines. The huge level of liquidations highlights the volatile and risky nature of the cryptocurrency market.

Analysts have pointed to several factors that could explain this broad-based crypto sell-off:

Seasonal Lull: August is historically a slow month for markets in general due to summer vacations. Lower trading volumes tend to exacerbate price declines. Historically, it happened that a market crashes in August, several months before Bitcoin halving in April next year.

Breaking News: It was revealed today that Elon Musk’s SpaceX has sold its entire Bitcoin holdings of $373 million. This news of a major player exiting the market likely spooked retail investors.

Technical Selloff: Bitcoin has been struggling to hold above $30,000 for some weeks now. The decisive break below this key support triggered stop losses and liquidations of leveraged long positions, catalyzing the steep fall.

The recent weakness in the crypto markets has shaken investor confidence. Some are calling this a classic “bear trap” setup, hoping for a trend reversal. Others worry this could be the start of a deeper downturn, advising caution. Either way, volatility is likely to remain high in the coming days.

"Crypto #market dumped" refers to a situation in the cryptocurrency market where the prices of various cryptocurrencies experience a sudden and significant decrease over a short period of time. This can result in a sharp decline in the overall market capitalization of the cryptocurrency market.

A "dump" in this context typically refers to a large number of investors or traders selling off their cryptocurrency holdings, causing the prices to drop due to an increase in supply and potentially a decrease in demand. Market dumps can be triggered by a variety of factors, including negative news, regulatory announcements, security breaches, macroeconomic #trends, and changes in investor sentiment.

It's important to note that the #cryptocurrency market is known for its high volatility, which means that prices can experience rapid fluctuations both up and down. As a result, market dumps are not uncommon in the cryptocurrency space, and investors should exercise caution and do their own research before making #investment decisions.

#Cryptocurrency market capitalization, often referred to as "crypto market cap," is a measure of the total value of a cryptocurrency or the entire cryptocurrency market. It provides a way to assess the relative size and importance of different cryptocurrencies in comparison to each other and the broader financial markets. Market capitalization is a common metric used in traditional financial markets as well, such as for stocks and other assets.

The formula to calculate the market capitalization of a cryptocurrency is:

Market Cap = Current Price per Coin * Total Circulating Supply of #Coins

Here's a breakdown of the components:

Current Price per Coin: This is the current #market price of a single unit of the cryptocurrency.

Total Circulating Supply of Coins: This refers to the total number of coins that are currently in circulation and available to be traded. It excludes any coins that are locked, burned, or not yet mined.

Market capitalization is a reflection of investor sentiment and interest in a particular cryptocurrency. It doesn't directly indicate the amount of money that has been invested in a cryptocurrency or its liquidity. It's important to note that market cap can change rapidly due to fluctuations in the cryptocurrency's price and changes in the circulating supply.

The market cap of the entire #cryptocurrency market is the sum of the market caps of all individual cryptocurrencies listed. Major cryptocurrencies like Bitcoin and Ethereum typically have the largest market caps, but there are thousands of smaller cryptocurrencies contributing to the overall market cap as well.

How Market Cap Works:

Ranking and Comparison: Market cap helps #rank cryptocurrencies based on their relative size. This ranking is often used by investors and traders to assess the importance and popularity of different cryptocurrencies.

Investor Interest: Higher market cap cryptocurrencies are generally considered more established and stable, attracting more investor interest and potentially more institutional investment.

Market Trends: Changes in the total cryptocurrency market cap can indicate market trends. For example, a significant increase in market cap might suggest a bullish market sentiment, while a decrease could indicate a bearish sentiment.

Market Performance: Investors might track changes in market cap over time to evaluate the performance of their investments and to identify potential opportunities.

Volatility and Risk Assessment: Market cap can also provide insights into the potential volatility and risk associated with a cryptocurrency. Generally, cryptocurrencies with lower market caps can be more volatile and riskier.

It's important to remember that while market cap is a useful metric, it doesn't provide a complete picture of a cryptocurrency's value or potential. It's just one of many factors to consider when evaluating and investing in cryptocurrencies. Other factors include technology, use case, team, adoption, and market #trends. #cryptocurrency

Shiba Inu is a meme cryptocurrency that was launched in 2020 by a person using the pseudonym “Ryoshi”. The project is heavily inspired by the Dogecoin cryptocurrency, and also features the Shiba Inu dog breed in its branding. In contrast to Dogecoin, which has its own blockchain, Shiba Inu is issued on the Ethereum blockchain as an ERC-20 token.

During the SHIB token launch, half of the supply was sent to Ethereum founder Vitalik Buterin (who is not involved with the project in any way). The project framed this as a token burn. Buterin did eventually burn the vast majority of his SHIB holdings and sold the rest of his tokens to fund charitable donations.

SHIB saw a significant spike in popularity in 2021 and became the second-largest meme coin by market cap, second only to Dogecoin. In addition, SHIB is one of the most popular penny cryptos at the moment, making it one of the leading candidates for the next cryptocurrency to explode in 2023.

Why Shiba Inu?

The Shiba Inu project is currently working on Shibarium, a layer 2 platform for Ethereum designed to provide more efficient transactions to users. Shibarium is currently in the testnet phase. Shibarium’s “Puppynet” testnet has been seeing some encouraging activity, with over 800,000 transactions being completed so far. In addition, the testnet has seen more than 100,000 unique wallet addresses.

The Shibarium platform will use the BONE token for gas fees and validator incentives. In addition, the base gas fees paid on Shibarium will be used to burn SHIB tokens, reducing SHIB’s supply over the time.

Shibarium will provide an alternative for users that want to avoid the high transaction costs on the Ethereum mainnet. Per the Shiba Inu development team, they’re primarily looking to target the metaverse and gaming sectors with their layer 2.

The upcoming release of Shibarium will be one of the biggest milestones in the history of the Shiba Inu project, so it will definitely be worth watching the SHIB markets moving forward. However, don’t expect SHIB to reach $1 or $0.50 anytime soon.

Hi Binancians, to better enhance both the user and creator experience we are excited to share you with the most recent update on Binance Feed on Ver 2.67 as follows.

Crypto Box Quiz 

Introducing the Crypto Box Quiz feature to enhance engagement between creators and users. Creators can now share Crypto Boxes when they post their content. Users have the opportunity to claim these Crypto Boxes sent by creators simply by answering the questions correctly. Don’t miss out the opportunity to explore, engage, and interact with creators on Binance Feed (This feature will be available to EN and CN users only).

Direct access to the Assistant in Feed Center

Stay up-to-date with the latest events and messages from the Feed team by catching up with the Feed Assistant. Acting as a central hub, the Feed Assistant shares important events, updates, and information. It is now more prominent which allows creators to conveniently check new messages directly on the Feed center homepage. Stay tuned and never miss out on important updates!

 Web feed optimizations 

Add an “Open in app” button on the H5 website.

Show more comment information on the system notification

Creators can jump to the comment page by simply clicking the comment notification

Please kindly leave your feedback to the team and we will keep listening and enhancing the Feed.